Different states have different requirements but most have the same types of requirements.
Records You Will Need
So as to obtain a auto title loan, also called a pink slip loan, in Most instances a borrower must own the vehicle outright; there might be no exemptions from your name. Lenders also require specific paperwork, such as any or All the following:
First auto title revealing only ownership
Government-issued identification matching the name to the name
Utility bill or other evidence of residency matching the title on the name
Present vehicle registration
Evidence of automobile insurance
Present paystubs or other evidence of ability to repay the loan
Names, telephone numbers and addresses of at least 2 legal references
Working duplicates of their automobile’s keys
Some lenders also require a GPS monitoring device to be connected Into the vehicle, in the event the borrower defaults and the lender wins the right to repossess the vehicle. A few of those devices are made to allow the creditor to disable the vehicle remotely.
You don’t need decent credit to get a title loan. Actually, most Title-loan creditors will not check your credit in any way, because the loan Depends entirely upon the resale value of the motor vehicle. Likewise, you do Not have to be used to be eligible for a title loan.
Vehicle for an inspection: Vehicle must be in good running condition. The borrower must maintain full coverage insurance on the vehicle and the registration must be current.